My Credit Union

Wednesday, 04 May 2016 16:15


The milestone events in our lives are usually the ones that give us the greatest joy. However, they can also be associated with dramatic changes so it is a good time to make sure we are protected financially.

Let’s look at these key events to shed some more light on how we can protect ourselves and those we love.  

The great Australian dream 

It is still the dream of most Australians to own their own home and put their ‘roots down’, so that they can create a comfortable and secure lifestyle. The day you sign on the dotted line of your mortgage document, you also take on a financial responsibility that is dependent on your ability to earn income.  

Chances are that once you buy a home you are not going to want to give that home up if sudden death of a partner occurs or if an illness or injury stops you from earning income temporarily or permanently. That means it is more vital than ever to make sure you’re insured appropriately to cover the value of the mortgage.  

All in the family 

The birth of a child, perhaps more than any other event, gives us a sense of responsibility and awareness of the preciousness of life. It also bring the joys - and sometimes challenges - of caring and providing for them. The last thing that any of us would want to do is to put the welfare and security of our own offspring at risk.

However, the reality is that as soon as a child is born a financial liability is created that can turn out to be a disaster if it is not matched with adequate insurances. This cover is not only for immediate needs, such as paying off a mortgage, but it needs to replace income for the entire period that your children are dependent on you for food, shelter, education and the things that you want them to have in life. It’s important to get professional help to assess the type and extent of cover needed.  

Climbing the ladder 

It’s not uncommon these days for many of us to change jobs several times over the course of our career. These changes can often be motivated by the prospect of gaining a higher level of income. Have you ever noticed, however, that the more you earn the more you tend to spend? Our lifestyles and spending patterns generally grow along with our income growth and for most people, once they have achieved a particular lifestyle they don’t want to give it up.  This means that our personal insurance must be constantly reviewed each time we step up in income.  

After all, we are only human! 

As we get older we all gain a greater sense of our mortality and the randomness of life, where illness and injury can strike when least expected. As our responsibilities grow at each of life’s milestones, it is vital that we don’t gamble on our future security. Having a trusted financial planner can help us properly manage the financial protection we need along the way. In fact it may be the most important financial decision we ever make.


Bridges Financial Services Pty Ltd (Bridges). ABN 60 003 474 977. ASX Participant. AFSL 240837.

This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner or a registered tax agent. Examples are illustrative only and are subject to the assumptions and qualifications disclosed. Part of the IOOF group

In referring customers to Bridges, Orange Credit Union does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.